Portfolio — Q2 2025
Reported Book
$2.1B
13F value · +111% QoQ
Positions
9
-3 vs Q1 2025
Top 10
100.0%
of reported book
In Dimetrics Coverage
73.1%
of reported book
Reported book is the value of 13F-reportable US positions as filed — not the manager's total assets under management, which include cash, debt, non-US and private holdings.
Book structure
Puts 26.9%
Long 51.8%
Calls 21.4%
Puts $570.1M· 1 lines
Long $1.1B· 7 lines
Calls $453.3M· 1 lines
Reported book structure — not net exposure. 13F reports options at the notional value of the underlying, with no strike, expiry, or premium. Delta is unknowable. This describes what was filed.
Reported book by group
PutsLongCallsNotes
Custom Silicon
36.8%
$781.8M
AI Merchant Power
16.5%
$350.0M
Power Shells
9.6%
$202.8M
Appalachian Gas Molecules
5.9%
$125.1M
Neo-Clouds
4.4%
$93.3M
Filed value by group, split by line type. Option lines are shown at the notional value of the underlying — a put bar is not exposure to that group, it is a position filed against it.
Holdings — 9 positions
| Ticker | Security | Line | Value | Weight | Group | Coverage |
|---|---|---|---|---|---|---|
| SMH | VANECK ETF TRUST | Put | $570.1M | 26.85% | — | Outside |
| INTC | INTEL CORP | Call | $453.3M | 21.35% | Custom Silicon | Covered |
| AVGO | BROADCOM INC | Long | $328.5M | 15.47% | Custom Silicon | Covered |
| VST | VISTRA CORP | Long | $246.9M | 11.63% | AI Merchant Power | Covered |
| CORZ | CORE SCIENTIFIC INC NEW | Long | $136.5M | 6.43% | Power Shells | Covered |
| EQT | EQT CORP | Long | $125.1M | 5.89% | Appalachian Gas Molecules | Covered |
| CEG | CONSTELLATION ENERGY CORP | Long | $103.0M | 4.85% | AI Merchant Power | Covered |
| IREN | IREN LIMITED | Long | $93.3M | 4.39% | Neo-Clouds | Covered |
| APLD | APPLIED DIGITAL CORP | Long | $66.4M | 3.13% | Power Shells | Covered |
Shares and value as filed. Positions held with shared investment discretion are reported in full by each manager, so a filer's book can overlap another's.